TORONTO, June 18 (Reuters) – Enbridge Inc, Canada’s
No. 2 pipeline company, said on Monday faster than expected
growth in North American oil output means its lines could be at
full capacity as soon as 2016 despite a C$3.2 billion ($3.1
billion) expansion of its system.
Enbridge, whose lines carry the bulk of Canada’s oil exports
to the United States, is struggling to cope with booming oil
output from the Alberta oil sands and from shale-oil fields such
as Bakken in North Dakota.
TORONTO (Reuters) – Signs that Japan is ready to restart a pair of reactors idled in the aftermath of last year’s Fukushima nuclear meltdown could spark a rally by uranium-mining shares, which have languished since the March 2011 disaster.
Recent steps to bring the first of 50 shuttered reactors back online have already bolstered long-term uranium prices, which rose last month for the first time since January 2011.
TORONTO, June 6 (Reuters) – Barrick’s surprising ouster of
Chief Executive Aaron Regent on Wednesday raised more questions
than it answered for anxious investors, who are left wondering
why the world’s top gold miner would axe its CEO just a month
after singing his praises.
“I must congratulate you, Aaron, because indeed this company
is firing on all cylinders,” Barrick founder Peter Munk told
shareholders at the company’s May 2 annual meeting. “We do share
your sense of accomplishment and achievement.”
TORONTO, June 6 (Reuters) – Barrick Gold Corp
, the world’s largest gold miner, has ousted Aaron
Regent as chief executive, saying it was frustrated that its
stock has languished since he took the helm three years ago
while bullion prices have surged.
The company said on Wednesday that Chief Financial Officer
Jamie Sokalsky, a nine-year veteran of the company, will replace
Regent, whose tenure was marred by what some analysts consider
to be strategic mistakes.
May 24 (Reuters) – A $3.3 billion plan to build North
America’s first major chromite mine deep in the Canadian
wilderness promises to usher in an era of prosperity for the
region’s aboriginals and generate millions of tax dollars over
Tucked deep into northern Ontario, the Ring of Fire contains
rich mineral deposits that could transform the region much as
the oil sands have transformed Alberta. Much like the oil sands,
it has raised deep environmental and social concerns.
TORONTO/CALGARY, Alberta (Reuters) – Enbridge Inc, Canada’s No. 2 pipeline company, reported a 14 percent jump in quarterly earnings on Wednesday and said it remains committed to building the controversial C$5.5 billion ($5.5 billion) Northern Gateway pipeline despite fierce opposition from communities along the route.
At its annual meeting in Toronto on Wednesday, the Calgary-based company was greeted by protesters from environmental groups and from some of the British Columbia aboriginal groups that have staunchly opposed the project over worries that oil spills could contaminate their water supplies.
TORONTO, May 9 (Reuters) – Cliffs Natural Resources Inc
said on Wednesday that its board approved plans to
conduct a feasibility study for its proposed $3.3 billion
chromite project in the Ring of Fire region of Northern Ontario.
The Cleveland-based miner also announced plans to build a
ferrochrome processing facility in Sudbury, a nickel mining hub
that is home to major Xstrata Plc and Vale Sa
TORONTO, May 8 (Reuters) – Research In Motion Ltd
has named a technology marketing veteran to build
excitement around the launch of its next-generation BlackBerry
10 smartphones later this year, sending its downtrodden share
Shares of RIM rose as much as 3 percent on Tuesday after it
said Frank Boulben, who was executive vice president of
strategy, marketing and sales for ill-fated telecom startup
LightSquared, would assume the role of chief marketing officer.
The position had been vacant for a year.
TORONTO, May 6 (Reuters) – Louis James, a mining investment
strategist at Casey Research’s office outside Seattle, first
started to hear the odd question about graphite a year ago.
Today the buzz is deafening, he says, and shares of
companies involved in graphite – a once-obscure segment of the
mining industry – have soared, probably to unsustainable highs.
TORONTO (Reuters) – Endeavour Silver Corp (EDR.TO: Quote, Profile, Research, Stock Buzz), fresh off announcing a $250 million deal to buy AuRico Gold Inc’s AUG.TO El Cubo silver-gold mine in Mexico, is open to more acquisitions, though its immediate focus is on unlocking El Cubo’s value, the company’s CEO said on Monday.
With the deal expected to close within 45 days, Endeavour will spend the next few months developing a plan to improve operations and increase output at El Cubo, Chief Executive Bradford Cooke told Reuters.